The Central Bank of Nigeria (CBN) has cautioned Nigerians to avoid engaging with unauthorized and unlicensed financial operators who entice and swindle the people.
The Apex Bank stated in a statement on Monday that the rise in the activities of Illegal Financial Operators (IFOs) is concerning and poses a serious risk to public trust and the stability of the Nigerian financial system.
“The FSRCC wishes to draw the general public’s attention to the concerning increase in the activities of Illegal Financial Operators (IFOs), which portends grave risk to public trust and the stability of the Nigerian Financial System.”
“In its ongoing efforts to eradicate the problem of IFOs in Nigeria, the FSRCC hereby provides the following advisory:
“The general public is advised to avoid dealing with unlicensed or illegal financial operators who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait,” said the statement, signed by the Secretary of the Financial Services Regulation Coordinating Committee.
CBN recommended the public to visit its official website, as well as that of the Securities and Exchange Commission (SEC) and other relevant member agencies of the FSRCC, to confirm the registration and license status of such companies and schemes before investing in them.
They also asked Nigerians to report to law enforcement agencies any individual or entity suspected of engaging in such illicit activities.